The Sahyadri Sahakari Bank Ltd., founded in 1968 in Mumbai by Namdevrao Anandrao Kadam and his associates, primarily from Satara District and the nearby areas known as the Sahyadri Mountains region. These individuals, including Shri. Baburao Jadhav, Shri. Gulabrao Khopade, Shri. Jaywantrao Chavan, Shri. Vithhal Shinde, Shri. Ganpatrao Jadhav, and Shri. Bhausaheb Kadam, had a history of involvement in the cloth trade in South Mumbai for generations.

However, the laborers known as "Mathadies" who worked in this industry lacked proper regulations regarding wages, working hours, and essential benefits such as Provident Fund, medical facilities, and bonuses. To address this, they initially formed "The Cloth Market & Shops Board for Greater Mumbai," affiliated with the Labor Department of the Government of Maharashtra, headed by the Deputy Commissioner of Labor. This board brought some stability and facilities to registered Mathadi workers.

Under the leadership of Namdevrao Kadam, they subsequently established various societies, including "Kapad Bazaar Kamgar Mandal," "Kapadbazar Kamgar Seva Society," and "Vishal Housing Society" in Kandivali Charkop, Mumbai. These societies were founded on the principle of serving the Mathadi workers who engaged in cloth market activities, including the physically demanding task of pulling fully loaded cloth carts across significant distances and up multiple floors.

Through the Seva Society, they provided essential welfare services such as government-approved ration shops, flour mills, departmental stores offering kerosene, groceries, LIC policies, and transportation of goods. The Housing Society secured a 27-acre plot in Kandivali, where they constructed residential accommodations for Mathadi workers, currently housing 2150 families. These initiatives fulfilled the basic needs of the Mathadi workers and curbed the exploitative practices of local money lenders, the Pathans and Savkars, who charged exorbitant interest rates. Recognizing the need for financial stability and support, Namdevrao Kadam took the decision to establish "THE SAHYADRI SAHAKARI BANK LTD., MUMBAI" in 1968.

To start the bank, Shri. Kadam familiarized himself with the Maharashtra Co-Operative Societies Act of 1960, earning a Co-Operation Degree as a Limited Duration Course (LDC). He also recruited Shri. V.Y. Bhosale, the former principal of the college where he completed his LDC, as the General Manager of the bank. With approximately 838 shareholders and an initial capital of Rs. 87,000, with shares priced at Rs. 10 each, the bank began functioning. Gradually, the bank began to meet the minimum financial needs of Mathadi workers, offering personal loans of Rs. 500 and more, which provided them with much-needed confidence and stability. The bank's membership grew over time, driven by a shared mission to serve the Mathadi workers and ensure their financial well-being.

In the early days, there were over 60 textile mills in Mumbai, employing over 200,000 workers, with around 75% of them hailing from Western Maharashtra. These workers were hardworking but largely illiterate due to limited educational opportunities in rural Maharashtra. The area's economy relied heavily on farming, and irregular monsoons often added pressure on the migrant workers' families, who looked to their Mumbai-based family members for support.

Today, 70% of the bank's members come from a Mathadi background. The bank has expanded by opening five branches and has faced challenges, including financial crises due to early staff expansion. In 2001, Shri. P.M. Mane took over as Chairman and successfully steered the bank by reducing staff, minimizing expenses, and consolidating operations. By 2007, the bank had turned around, attracting deposits, good borrowers, and achieving total business of Rs. 500 crores with a remarkable productivity of Rs. 590 lakhs per employee.

The RBI recognized the bank's improved performance, allowing for branch relocations and granting licenses for new branches and offsite ATMs. The bank also invested significantly in advanced technology. In summary, The Sahyadri Sahakari Bank Ltd. was established by common people, for common people, and continues to be run by common people, with a steadfast commitment to serving the needs of Mathadi workers and maintaining strong relations with the community.